On Friday, April 12, 2024, an event called Practical Challenges in Insurance was held for the first time at the Faculty of Economics. The goal of the event was to introduce students to the practical aspects of insurance activities and the experiences of people from practice, as well as to give them the opportunity to compete in the Case study challenge. This year's Practical Insurance Challenges were organized with the support of Wiener Städtische životno osiguranje Podgorica a.d.

This event was marked by the great interest of the students, both in the lectures by the representatives of the Wiener Städtische insurance company and in the Case study competition.

The event was opened in front of the Faculty of Economics by prof. Dr. Milijana Novović Burić, who pointed out that the promotion of insurance by all actors on the market is of great importance. She added that the Faculty of Economics recognizes the importance of educating students in this field and directs all its capacities towards it.

Andrija Pešić, executive director of this company, spoke about the challenges faced by the Wiener Städtische life insurance company in its work on the Montenegrin market. Mr. Pešić showed the students how the company's path to becoming a leader in the Montenegrin insurance market looks like and emphasized the key success factors in business. In the second part of the lecture, the students were introduced to a completely new insurance product in Montenegro, Unit linked insurance, which combines insurance and investment into one unit. Marko Vukčević, sales manager, and Milena Jovović, MA, actuary at Wiener Städtische Life Insurance spoke more about this topic.

What type of investment provides the highest returns, which investment funds exist, which investment funds the Wiener Städtische company cooperates with and what returns can be achieved by users of Unit linked products are just some of the questions answered by Mr. Vukčević through an interactive lecture. This segment of the lecture caused great interest and involvement of the students. Milena Jovović, MSc, shared her experience in creating Unit linked products with the students. Students had the opportunity to hear about how difficult it was to create a completely new product on the Montenegrin insurance market, how to determine the target group, how to define the amount of the premium while simultaneously maintaining the attractiveness of the product, as well as how to implement marketing for this type of product.

At the end of the working part, Mr. Pešić invited all interested students to visit the Wiener Städtische životno osiguranje company on the Open Day that they are organizing on Thursday, April 18, 2024. years.

The second part of Practical Challenges in Insurance was dedicated to the Case study competition for students. Out of 15 registered teams, after the elimination quiz, the eight best teams made it to the finals and got the opportunity to compete for cash prizes provided by the event's partner, the Wiener Städtische životno osiguranje.

All teams showed a high degree of knowledge, information, creativity, as well as speed in solving the Case study task. The expert jury, composed of representatives of the Wiener Städtische, had the difficult task of deciding which three teams would win the awards.

First place in the Case study competition was won by the team NEIZJESNOST, composed of Jelena Mišnić, Milica Milev and Marija Bubanja. The prize for second place went to the RIZIK team, which consisted of students: Minja Stojanović, Sabahudin Šarkić and Danko Barović. Students Jelena Popović, Nevena Mujičić and Monika Kojović were members of the PREMIJA team, which won third place in the competition.

Congratulations to all the teams that competed in the Case study challenge for the demonstrated high level of knowledge and ability!

We would like to thank everyone who attended and contributed to the success of this event. We owe a special thanks to the Wiener Städtische Life Insurance Company, which supported this idea and helped realize the Practical Challenges in Insurance! In the future, the Faculty of Economics will continue to focus its activities on educating students about this area through events like this!